2008

Oremex Announces Update to Private Placement Financing

VANCOUVER, B.C. (December 23, 2008) – Oremex Resources Inc. (TSX-V: ORM) (“Oremex” or the “Company”) Further to the press releases of November 12, 2008 and December 1, 2008, the Company announces that it did not raise the minimum of $500,000 and is closing the first tranche of 4,068,742 units at a price of $0.05 per unit for gross proceeds of $203,437.09. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share at a price of $0.15 per share for a two year period. The common shares and warrants issued under this placement and any shares issued as a result of the exercise of share purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring April 24, 2009. Funds will be used to pay the Mexican operations and certain liabilities of the Company.

The Company also wishes to announce that John Carlesso has joined the board of directors and that Iain MacPhail and Andrew Milligan have resigned. We would like to thank Messrs MacPhail and Milligan for all of their efforts on behalf of the Company and we wish them all the best in his future endeavours.

Oremex is a Canadian-based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Company’s principal properties are the Tejamen and San Lucas properties located in the State of Durango and the Cuyoaco Property in the State of Puebla. The Company’s most advanced project Tejamen has an inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per tonne (Wardrop Engineering Report NI 43-101 compliant April 2006). Snowden Mining Industry Consultants completed a Preliminary Assessment Study (NI 43-101 compliant October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation. The Company continues with discussions with various federal and state government officials and the Ejido of Tejamen (governing authority for the village and surrounding lands) for surface access rights at the Tejamen Property.

On behalf of the Board of Directors

Craig D. Thomas
Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

National Instrument 43-101 requires the following statement: that the preliminary assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.

Forward-Looking Statements: The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.